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Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2016
Accumulated Other Comprehensive Loss [Abstract]  
Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2015 and the three-month periods ended March 31, 2016 and June 30, 2016:





 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Investment securities- with OTTI AFS

Investment securities- all other AFS

 

Investment securities- HTM

Cash Flow Hedge

Pension Plan

SERP

Total

Accumulated OCL, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2015

$

 (3,679)

$

 (2,555)

$

 (2,255)

$

 (119)

$

 (11,392)

$

 (233)

$

 (20,233)

Other comprehensive income/(loss) before reclassifications

 

 1,154 

 

 1,344 

 

 0 

 

 80 

 

 (1,736)

 

 (113)

 

 729 

Amounts reclassified from accumulated other comprehensive loss

 

 2,059 

 

 (174)

 

 284 

 

 0 

 

 465 

 

 41 

 

 2,675 

Balance - December 31, 2015

$

 (466)

$

 (1,385)

$

 (1,971)

$

 (39)

$

 (12,663)

$

 (305)

$

 (16,829)

Other comprehensive income/(loss) before reclassifications

 

 (899)

 

 558 

 

 0 

 

 (331)

 

 (343)

 

 0 

 

 (1,015)

Amounts reclassified from accumulated other comprehensive loss

 

 (22)

 

 (124)

 

 143 

 

 0 

 

 130 

 

 15 

 

 142 

Balance – March 31, 2016

$

 (1,387)

$

 (951)

$

 (1,828)

$

 (370)

$

 (12,876)

$

 (290)

$

 (17,702)

Other comprehensive income/(loss) before reclassifications

 

 1,099 

 

 (169)

 

 0 

 

 (306)

 

 (210)

 

 0 

 

 414 

Amounts reclassified from accumulated other comprehensive loss

 

 19 

 

 (12)

 

 222 

 

 0 

 

 128 

 

 15 

 

 372 

Balance – June 30, 2016

$

 (269)

$

 (1,132)

$

 (1,606)

$

 (676)

$

 (12,958)

$

 (275)

$

 (16,916)



Components of Comprehensive Income

The following tables present the components of comprehensive income for the six- and three-month periods ended June 30, 2016 and 2015:







 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the six months ended June 30, 2016

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 333 

$

 (133)

$

 200 

    Less:  accretable yield recognized in income

 

 5 

 

 (2)

 

 3 

Net unrealized gains on investments with OTTI

 

 328 

 

 (131)

 

 197 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding gains

 

 647 

 

 (258)

 

 389 

    Less:  gains recognized in income

 

 227 

 

 (91)

 

 136 

Net unrealized gains on all other AFS securities

 

 420 

 

 (167)

 

 253 



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (608)

 

 243 

 

 (365)

Net unrealized gains on HTM securities

 

 608 

 

 (243)

 

 365 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding losses

 

 (1,060)

 

 423 

 

 (637)



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (921)

 

 368 

 

 (553)

Less: amortization of unrecognized loss

 

 (424)

 

 170 

 

 (254)

Less: amortization of transition asset

 

 0 

 

 0 

 

 0 

Less: amortization of prior service costs

 

 (6)

 

 2 

 

 (4)

Net pension plan liability adjustment

 

 (491)

 

 196 

 

 (295)



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (39)

 

 15 

 

 (24)

Less: amortization of prior service costs

 

 (10)

 

 4 

 

 (6)

Net SERP liability adjustment

 

 49 

 

 (19)

 

 30 

Other comprehensive loss

$

 (146)

$

 59 

$

 (87)









 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the six months ended June 30, 2015

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 5,024 

$

 (2,004)

$

 3,020 

    Less:  accretable yield recognized in income

 

 340 

 

 (136)

 

 204 

Net unrealized gains on investments with OTTI

 

 4,684 

 

 (1,868)

 

 2,816 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding gains

 

 1,092 

 

 (435)

 

 657 

    Less:  losses recognized in income

 

 (17)

 

 7 

 

 (10)

Net unrealized gains on all other AFS securities

 

 1,109 

 

 (442)

 

 667 



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (268)

 

 107 

 

 (161)

Net unrealized gains on HTM securities

 

 268 

 

 (107)

 

 161 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 

 59 

 

 (24)

 

 35 



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (1,759)

 

 701 

 

 (1,058)

Less: amortization of unrecognized loss

 

 (372)

 

 148 

 

 (224)

Less: amortization of transition asset

 

 10 

 

 (4)

 

 6 

Less: amortization of prior service costs

 

 (6)

 

 2 

 

 (4)

Net pension plan liability adjustment

 

 (1,391)

 

 555 

 

 (836)



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (24)

 

 10 

 

 (14)

Less: amortization of prior service costs

 

 (10)

 

 3 

 

 (7)

Net SERP liability adjustment

 

 34 

 

 (13)

 

 21 

Other comprehensive income

$

 4,763 

$

 (1,899)

$

 2,864 









 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended June 30, 2016

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 1,829 

$

 (730)

$

 1,099 

    Less:  accretable yield recognized in income

 

 (31)

 

 12 

 

 (19)

Net unrealized gains on investments with OTTI

 

 1,860 

 

 (742)

 

 1,118 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding losses

 

 (282)

 

 113 

 

 (169)

    Less:  gains recognized in income

 

 21 

 

 (9)

 

 12 

Net unrealized losses on all other AFS securities

 

 (303)

 

 122 

 

 (181)



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (371)

 

 149 

 

 (222)

Net unrealized gains on HTM securities

 

 371 

 

 (149)

 

 222 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding losses

 

 (509)

 

 203 

 

 (306)



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (350)

 

 140 

 

 (210)

Less: amortization of unrecognized loss

 

 (212)

 

 85 

 

 (127)

Less: amortization of transition asset

 

 0 

 

 0 

 

 0 

Less: amortization of prior service costs

 

 (3)

 

 2 

 

 (1)

Net pension plan liability adjustment

 

 (135)

 

 53 

 

 (82)



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (20)

 

 7 

 

 (13)

Less: amortization of prior service costs

 

 (5)

 

 3 

 

 (2)

Net SERP liability adjustment

 

 25 

 

 (10)

 

 15 

Other comprehensive income

$

 1,309 

$

 (523)

$

 786 







 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended June 30, 2015

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 2,246 

$

 (896)

$

 1,350 

    Less:  accretable yield recognized in income

 

 173 

 

 (69)

 

 104 

Net unrealized gains on investments with OTTI

 

 2,073 

 

 (827)

 

 1,246 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding gains

 

 60 

 

 (24)

 

 36 

    Less:  gains recognized in income

 

 80 

 

 (32)

 

 48 

Net unrealized losses on all other AFS securities

 

 (20)

 

 8 

 

 (12)



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (152)

 

 61 

 

 (91)

Net unrealized gains on HTM securities

 

 152 

 

 (61)

 

 91 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 

 24 

 

 (10)

 

 14 



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (1,425)

 

 569 

 

 (856)

Less: amortization of unrecognized loss

 

 (186)

 

 74 

 

 (112)

Less: amortization of transition asset

 

 5 

 

 (2)

 

 3 

Less: amortization of prior service costs

 

 (3)

 

 2 

 

 (1)

Net pension plan liability adjustment

 

 (1,241)

 

 495 

 

 (746)



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized gain

 

 (12)

 

 5 

 

 (7)

Less: amortization of prior service costs

 

 (5)

 

 1 

 

 (4)

Net SERP liability adjustment

 

 17 

 

 (6)

 

 11 

Other comprehensive income

$

 1,005 

$

 (401)

$

 604 



Reclassification Out of Accumulated Other Comprehensive Income

The following table presents the details of amount reclassified from accumulated other comprehensive loss for the six- and three-month periods ended June 30, 2016 and 2015:





 

 

 

 

 

 



 

 

 

Amounts Reclassified from Accumulated Other Comprehensive (Loss (in thousands)

For the Six months ended June 30, 2016

For the Six months ended June 30, 2015

 

Affected Line Item in the Statement Where Net Income is Presented

Unrealized gains and losses on investment securities with OTTI:

 

 

 

 

 

 

     Accretable yield

$

 5 

$

 340 

 

Interest income on taxable investment securities

     Taxes

 

 (2)

 

 (136)

 

Tax expense



$

 3 

$

 204 

 

Net of tax

Unrealized gains and losses on available for sale investment securities - all others:

 

 

 

 

 

 

    Gains/(losses) on sales

$

 227 

$

 (17)

 

Net gains

     Taxes

 

 (91)

 

 7 

 

Tax (expense)/benefit



$

 136 

$

 (10)

 

Net of tax

Unrealized losses on held to maturity securities:

 

 

 

 

 

 

     Amortization

$

 (608)

$

 (268)

 

Interest income on taxable investment securities

     Taxes

 

 243 

 

 107 

 

Tax benefit



$

 (365)

$

 (161)

 

Net of tax

Net pension plan liability adjustment:

 

 

 

 

 

 

     Amortization of unrecognized loss

 

 (424)

 

 (372)

 

Salaries and employee benefits

     Amortization of transition asset

 

 0 

 

 10 

 

Salaries and employee benefits

     Amortization of prior service costs

 

 (6)

 

 (7)

 

Salaries and employee benefits

     Taxes

 

 172 

 

 147 

 

Tax benefit



$

 (258)

$

 (222)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

 

 

     Amortization of unrecognized loss

 

 (39)

 

 (24)

 

Salaries and employee benefits

     Amortization of prior service costs

 

 (10)

 

 (10)

 

Salaries and employee benefits

     Taxes

 

 19 

 

 13 

 

Tax benefit



$

 (30)

$

 (21)

 

Net of tax



 

 

 

 

 

 

Total reclassifications for the period

$

 (514)

$

 (210)

 

Net of tax